We check out how to establish the value of gold per gram UK
There is a growing clamour in the UK right now for people to flog their old gold for cash, but is it really worth the hassle? Establishing how much your gold is worth yourself isn't too difficult a prospect, so in this blog we are going to help you along by showing you how to find out the value of gold per gram UK.
As you have probably figured out, all those Cash for Gold adverts on TV must mean that those companies are raking in the money, and it's completely true. A lot of companies are preying on the ignorance of people looking to flog their gold, ripping them off in the process. We are keen to help you avoid that, so here is a few things you need to watch out for.
First, you will NEVER get 100% of the true value of your gold from one of these sites. You will do well to get 80-90%, with the remainder being the companies margin of profit. A lot of the unscrupulous companies you see advertised are only offering quotes of around 30% of the value of the gold, meaning a profit of 70%.
You need to establish that your gold is real next, and how you do this is by making sure the gold isn't magnetic. If it is, it means the gold has been mixed with an alloy, making it pretty much worthless in the eyes of the Cash for Gold resellers.
Next, you need to check the hallmark on your gold. The hallmarks currently used in the UK are as follows. 9 Carat - 375, 14 Carat - 583, 18 Carat - 750, 22 Carat - 917, 24 Carat - 999. Basically, the higher the number, the more your gold is worth.
You then weigh your gold to find out how much you have. At the time of writing, 24 Carat Gold is going for around £23.00 per gram. Once you have the figure, multiply the weight in grammes by the value of that gram of gold to get a rough idea of the value.